Phase 2 anti-cancer drug developer Starton Holdings (STA.US) has an IPO price of 5-7 US dollars and plans to raise 40 million US dollars

The Zhitong Finance App learned that Starton Holdings (STA.US) submitted an application to the US Securities and Exchange Commission last Thursday and plans to raise up to 40 million US dollars through an initial public offering. The company is a company focused on developing approved extended-release formulations of anti-cancer drugs. The company plans to raise $40 million by issuing 6.7 million shares, with an issue price range of $5 to $7. Calculated at the midpoint of the proposed price range, the fully diluted market capitalization would reach $262 million.

Starton Holdings is a biotechnology company in phase II clinical trials. It is using continuous delivery technology to improve active ingredients approved by the US Food and Drug Administration for cancer treatment, using the US Food and Drug Administration's 505 (b) (2) regulatory approach. The company focuses on hematologic malignancies, and its main project “STAR-LLD” is aimed at multiple myeloma and chronic lymphocytic leukemia. STAR-LLD's goal is to develop subcutaneous and oral controlled-release formulations of lenalidomide (similar to Revlimid) to improve therapeutic efficacy. The company is also exploring the possibility of combining STAR-LLD with CAR-T therapy and expanding to other cancer types, including B-cell lymphoma and solid tumors.

The Paramus, New Jersey-based company was founded in 2017 and plans to list on the NASDAQ under the ticker STA. The sole underwriter for the deal was Revere Securities.